At&t Hopes To Find Buyer For Atlanta Office

ATLANTA - — AT&T Corp. is seeking a buyer for the 38-story Promenade Two office tower in Atlanta, which houses part of its southeastern regional headquarters, company officials said.

The building is the second regional headquarters property AT&T sold or put up for sale in recent weeks. The move comes as the telephone company implements a plan to trim billions of dollars in expenses and to boost earnings.

The 780,000-square-foot office building is owned by New York-based AT&T in partnership with the real estate company Faison Associates. The partnership hopes to receive more than $160 million, according to industry newsletter Thrift Liquidation Alert.

That works out to about $205 a square foot, compared with the average of $130.50 that Atlanta office properties recently have fetched.

The high price may be because AT&T, considered a stable, financially secure tenant, is obligated to occupy most of the building for the next 15 years, Atlanta real estate officials said.